RBI prescribes norms for small finance banks looking to deal in forex

The Reserve Bank on Monday said small finance banks which have completed two years of operations and have a minimum net worth of Rs 500 crore can deal in foreign exchange.

In a circular, the RBI said this is being permitted with the objective of giving more flexibility to small finance banks (SFBs) to meet their customers’ foreign exchange business requirement.

Other criteria for entering the forex business include profit in the preceding two years and net NPAs not being more than 6 per cent in the previous four quarters.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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